Tanger Factory reports Q1 core FFO 46c, consensus 44c

Reports Q1 revenue $108.94M, consensus $108.72M. "Our strong Q1 2023 results reflect the continued execution of our strategic plan," said CEO Stephen Yalof. "Sales productivity grew sequentially on improved traffic during the quarter. We are seeing robust leasing activity with accelerating double-digit rent spreads as our retailers demonstrate their commitment to the outlet channel and Tanger’s open-air portfolio, leading to higher fixed rents and expense recoveries. Milder weather in the first quarter also benefited both expenses and revenues. Collectively, these factors drove our full-year guidance raise. We are pleased with the construction and leasing progress we are making on our 37th center in Nashville. We also recently increased our annual dividend by over 11% and are proactively managing our balance sheet and liquidity to provide the flexibility to execute on our long-term growth strategies."